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“7 Countries Considering Abandoning the US Dollar”

By SusanUnPC on November 7, 2007 at 1:58 PM in Current Affairs

UPDATES at 2pm PT: (1) Stocks Tumble on Weak Dollar and Oil Prices, New York Times: By MICHAEL M. GRYNBAUM 6 minutes ago || “Stocks dropped sharply today as investors grew skittish on a weak dollar, record-breaking oil prices and warning signs from the corporate sector. … Read all.” (2) China Remarks Drive Dollar Lower, New York Times: “Currency traders gave the dollar a thorough pounding today after a Chinese official suggested that the country could begin to diversify its huge foreign-exchange reserves. The euro broke the $1.47 barrier before retreating a little and the pound climbed above $2.10, a value it had not reached 26 years ago. Other currencies also posted gains against the dollar. … Read all.”

ORIGINAL: Very worrisome. Leslie just e-mailed this to me, and I thought I’d better toss this up for your evaluations and discussions. From CurrencyTrading.net:

It’s no secret that the dollar is on a downward spiral. Its value is dropping, and the Fed isn’t doing a whole lot to change that. As a result, a number of countries are considering a shift away from the dollar to preserve their assets. These are seven of the countries currently considering a move from the dollar, and how they’ll have an effect on its value and the US economy. …

The seven countries: 1) Saudi Arabia, 2) South Korea, 3) China, 4) Venezuela, 5) Sudan, 6) Iran, and 7) Russia. The article gives details on each country’s reasoning and concerns, followed by a discussion of the implications.

  • http://noquarterusa.net/blog/ Leslie

    Finance, economics and numbers make my head spin. But isn’t the Fed’s lowering of interest rates helping to devalue the dollar, while simultaneously bailing out the crooks behind the mortgage crisis?

    Should we divest our savings of US dollars, stocks, bonds that invest using dollars: Heard China, France and a few other foreign currencies are safer right now to invest in? I don’t know where to look to invest my 401K [soon to be a 101K].

    Reduce our debt as much as possible.

    What else can we do to reduce exposure?

    Heating bills this winter are going to be something! Oil is going up, up, up and Exxon et al are raking it in. Bush is bankrupting our country.

  • http://noquarterusa.net/ SusanUnPC

    I find this very frightening … I just mailed this to small business owners I know because this kind of news worries them greatly.

    It is incalculable how much the Bush administration has cost this country and its standing in the world. I fear for the next president who will have far too much on his/her plate.

    Leslie, glad you mentioned heating bills. It was unconscionable when cities, just to be political, turned down the offers of help from Chavez to give oil heat to the poor. We need his help. And I will try to find charities that help the poor and elderly with their heating bills, and post that info here. But I do think, that in each municipality in which we live, there are local charities that subsidize the heating costs. My town’s electric utility accepts donations for the poor.

  • Bill Keyes

    Leslie, Susan…

    Leslie you said….

    “Bush is bankrupting our country.”

    I hope I don’t sound sarcastic, but I have been trying to point this out for months. The war in Iraq, water boarding, Iran, etc are all going to seem like children’s problems when our economy collapses and they will have to invent a new word to describe what the chaos will be like in this country.

    This collapse is like a giant tsunami heading for the East Coast (or the West Coast take your pick) Its not a question of if it is coming, its only a question of when it hits.

    You may say I sound like Chicken little saying the skying falling but what I speak is the absolute truth.

    This collapse is going to happen if we do not get these people out of power and soon, we don’t have the luxury of waiting until a Democratic President is elected. And the irony of it all, you said it Susan, is “I fear for the next president who will have far too much on his/her plate.” Exactly and this assumes he/she can get elected. And if he/she gets elected and there is a severe depression or worse who’s going to get the blame? The Democrats of course because they are in power. Why? Because the average American sheeple’s memory is about as long as a toothpick.

    If they were alive today, the Founding Fathers would be screaming…..

    “What the f**k is wrong with you people! We gave you the impeachment process and you are all sitting around scared s**tless. What are you afraid of? This Republic which we and many after have given their blood and guts to preserve, is on the verge of collapse because you people are letting a dumb ass Texan (with apologies to all the good people of Texas) and his henchmen
    hijack everything we worked for. You should be ashamed of yourselves.”

    IMPEACH NOW

    SUPPORT THE ONLY REAL PATRIOTIC DEMOCRATIC CANDIDATE DENNIS KUCINICH WHO HAD THE BALLS ALONG WITH 22 OTHERS TO RE-INTRODUCE ARTICLES OF IMPEACHMENT AGAINST DARTH CHENEY ON TUESDAY. A MOTION TO TABLE WAS DEFEATED BECAUSE AN ADDITIONAL 64 REPS VOTED WITH THE SPONSORS AND THE RESOLUTION ULTIMATELY GOT REFERRED BACK TO THE JUDICIARY COMMITTEE. THE LIST OF THOSE WHO SUPPORTED FOLLOWS….
    Abercrombie, Allen, Baca, Baldwin, Braley (IA), Capps, Capuano, Clarke, Clay, Cleaver, Cohen, Conyers, Crowley, Cummings, Davis (IL), DeFazio, Dicks, Doggett, Doyle, Ellison, Farr, Filner, Green, Al; Green, Gene; Grijalva, Gutierrez, Hare, Hinchey, Hirono, Hodes, Holt, Honda, Hooley, Inslee, Jackson (IL), Jackson-Lee (TX), Johnson (GA), Jones (OH), Kanjorski, Kaptur, Kilpatrick, Kucinich, Lee, Lewis (GA), Loebsack, Maloney (NY), McCollum (MN), McDermott, Meeks (NY), Michaud, Miller (NC), Moore (WI), Moran (VA), Napolitano, Ortiz, Pallone, Pascrell, Perlmutter, Price (NC), Rangel, Richardson, Roybal-Allard, Rush, Schakowsky, Scott (VA), Serrano, Shea-Porter, Sherman, Slaughter, Solis, Stark, Stupak, Sutton, Thompson (CA), Tierney, Towns, Velázquez, Waters, Watson, Watt, Weiner, Welch (VT), Wexler, Woolsey, Wu, Wynn

    CALL YOUr CONGRESSPERSON IF THEY ARE ON THIS LIST AND CONGRATULATE THEM. IF THEY ARE NOT THEN ASK THEM WHY.

    Finally….

    Yes Leslie, I would get my 401k in something other than dollars.

    Yes, Susan as you said. “I am very frightened”, so am I, but there is hope, the Founding Fathers gave us the tool to stop this but if we don’t use we have nobody to blame except ourselves and we will be burdened with the guilt of millions of Americans who came before us when ask, if there is an after life, why we failed them as well as ourselves.

    If there is no impeachment prior to the 2008 election then I am leaving as soon as possible and moving some where else where as a friend of mine said I can live in quiet peace with dignity.

  • http://noquarterusa.net/ SusanUnPC

    Wasn’t this one of the reasons that Saddam got himself in deep doo-doo? That he was thinking of switching to the euro?

  • oldtree

    and so the option is to export war, and bank on it’s value as a currency?
    not such a good option then, or now.

  • http://deleted lester

    I can’t wait to be a third world country

    leslie “But isn’t the Fed’s lowering of interest rates helping to devalue the dollar, while simultaneously bailing out the crooks behind the mortgage crisis?
    ”

    yes. I have a friend in thailand who gets paid in dollars. on the past few months that paycheck has lost 25% of it’s buying power. imagine getting a 25% pay cut.

    • http://noquarterusa.net/blog/ Leslie

      Speaking of Third World countries: Maybe Typhoid Mary…uh…the International Monetary Fund will come in and fix things after Bush bankrupts us? You know the way they usually do: sell off national assets to the huge multinational corporations with off-shore tax havens, deregulate industries in order to increase consumer prices, and then loan us billions in interest-bearing loans we’ll never be able to pay off, which will increase our national debt and create a need for more IMF loans.

  • Pingback: “7 Countries Considering Abandoning the US Dollar” « Rochester Liberal

  • Mr.Murder

    How long before Dana Perino says…

    “Only seven countries?”

    If the Saudis bail it’s really done for. It kind of make the Dubai move for Cheneyburton seem like the advice of an inside trader…

  • justsomeone

    lester, don’t think I’m not freaking out about it. How could the whole screwy mess not escape disaster? Exporting jobs/importing cheap labor/(the kind that sends most of their pay outta the country)/ pumping fiat money whenever the mood struck. In the 80′s the saying was “greed is good”, in the 90′s alot of people were actually saying “debt is good”. One way or another we’re going to end up indemniying all the friggin loss from the mortgage scam too, the dems will make sure of that…flat earthers like Tom Freidman must be in a state of ecstasy. Yeah, you can invest more in foreign markets & hope…I’d really like to hear some ideas on how to play this?

  • PrchrLady

    This is truly devastating news for many. As you said, Bill, you have been warning about this for some time, however, you know that for the most part, you have just been preaching to the choir…

    I too Leslie, am not sure what to do with my retirement account. Nothing is safe, and can be taken from us whenever they want. We have allowed ourselves to become at their mercy, but many of our basic needs. And I am talking about food, heat, medicine, not frivolity or waste. I have a picture that I would like to post with this note, but don’t know how. I will send it to you Leslie and ask you to post for me. Thanks.

    I pray the Impeachment moves forward quickly. It is of the highest importance to our survival as a free people… Perhaps, those repubs who helped us yesterday, may have a moral fiber left in them to stand up for what is really right??? I pray that is true, and we are able to witness a turnaround, to help save the republican party. Such a thing as Impeaching the schrub might just be the thing. I’ll take it whatever way it comes about.

    Last, did any of you see a recent article by Ray Mcgovern, where he talks about the discrepencies of the 911 events? I read, thot I saved, and now can’t find it. I think was on Consortium, but as I said, can’t find. Later, Marlene

  • Centrocitta

    The Euro is causing problems for Europe. Europe has a huge retirement population. Many of these people now living in the Euro Zone made their livings in Switzerland. They are receiving pensions in Swiss Francs and they are losing more and more every month as the Euro goes higher and higher. In addition, the Euro Zone is still experiencing high inflation. One saving grace is that Europeans don’t alo have to worry about health care. They are fully covered.

  • Centrocitta

    You all can give up on impeachment. It’s not going to happen. Didn’t anyone see and hear the glowing speach that Zarkozy, the French president, gave to Congress yesterday. Did anybody in that audience look like they were concerned about impeachment? They were too busy sucking up the glory.

  • Bill Keyes

    Here is what Congressman Wexler from Florida who is a member of the House Judiciary Committee said today in a letter to his constituents..

    I share your belief that Vice President Cheney must answer for his deceptive actions in office, particularly with regard to the preparations for the Iraq war and the revelation of the identity of covert agent Valerie Plame Wilson as part of political retribution against her husband. That is why I voted against the motion to table debate on H.Res. 333. Along with only 85 other Democrats, I opposed tabling the measure and supported beginning immediate debate and a vote on the Cheney impeachment resolution. The vote on tabling the Kucinich resolution was rejected, and the House subsequently voted to refer the matter to the Judiciary Committee.
    …
    The American people are served well with a legitimate and thorough impeachment inquiry. I will urge the Judiciary Committee to schedule impeachment hearings immediately and not let this issue languish as it has over the last six months. Only through hearings can we bring begin to correct the abuses of Dick Cheney and the Bush Administration; and, if it is determined in these hearings that Vice President Cheney has committed High Crimes and Misdemeanors, he should be impeached and removed from office.

    Here is a list of the House Judiciary Members

    Democrat
    Hon. Berman
    (D) California, 28th

    Hon. Boucher
    (D) Virginia, 9th

    Hon. Nadler
    (D) New York, 8th

    Hon. Scott
    (D) Virginia, 3rd

    Hon. Watt
    (D) North Carolina, 12th

    Hon. Lofgren
    (D) California, 16th

    Hon. Jackson Lee
    (D) Texas, 18th

    Hon. Waters
    (D) California, 35th

    Hon. Delahunt
    (D) Massachusetts, 10th

    Hon. Wexler
    (D) Florida, 19th

    Hon. Sánchez
    (D) California, 39th

    Hon. Cohen
    (D) Tennessee, 9th

    Hon. Johnson
    (D) Georgia, 4th

    Hon. Sutton
    (D) Ohio, 13th

    Hon. Gutierrez
    (D) Illinois, 4th

    Hon. Sherman
    (D) California, 27

    Hon. Baldwin
    (D) Wisconsin, 2nd

    Hon. Weiner
    (D) New York, 9th

    Hon. Schiff
    (D) California, 29th

    Hon. Davis
    (D) Alabama , 7th

    Hon. Wasserman Schultz
    (D) Florida, 20th

    Hon. Ellison
    (D) Minnesota, 5th

    Please if any of these Reps are yours contact them personally by phone to let them know you want the Cheney Impeachment Articles voted out of committee.

    THIS IS VERY VERY IMPORTANT, BECAUSE THE COMMITTEE MEMBERS NEED TO HERE FROM PEOPLE ON HOW IMPORTANT THIS ISSUE IS.

    I CAN ABSOLUTELY GUARANTEE YOU ON MY MOTHER’S GRAVE THAT IF THIS RESOLUTION IS VOTED OUT OF COMMITTEE TO THE FULL HOUSE AND IMPEACHMENT PROCEEDINGS ARE STARTED, THIS ADMINISTRATION WILL COME DOWN, AND NANCY PELOSI WILL BECOME THE NEXT PRESIDENT OR WOULD YOU RATHER DO NOTHING AND HAVE HILLARY MAYBE?

    PLEASE PEOPLE I BEG OF YOU THIS IS THE BEST CHANCE WE HAVE HAD IN 7 YEARS, CALL YOUR CONGRESSPERSON AND URGE THEM TO SUPPORT THIS RESOLUTION WHICH IS IN THE HOUSE JUDICIARY COMMITTEE.

  • Centrocitta

    ….IF THIS RESOLUTION IS VOTED OUT OF COMMITTEE TO THE FULL HOUSE AND IMPEACHMENT PROCEEDINGS ARE STARTED, THIS ADMINISTRATION WILL COME DOWN, AND NANCY PELOSI WILL BECOME THE NEXT PRESIDENT OR WOULD YOU RATHER DO NOTHING AND HAVE HILLARY MAYBE?….

    Nancy Pelosi has had a make-over and is looking great with her new hairstyle and color. Maybe she’s anticipating something.

  • lester
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